Are you familiar with the saying ‘you don’t get what you deserve, you get what you negotiate’? It may sound harsh, but it’s the sad truth. Take a moment and think about your financial compensation. What do you get in your current position? What could you get in your next job? The good news is that your input has a major impact on salary negotiations. Do you feel up to stand your ground? After we shared with you the worst failures in salary negotiations, check out our latest offering of salary negotiation tips!
Discussing your financial compensation is a delicate matter, nevertheless an essential one. Be careful though with making the mistake of bringing up the subject too soon. You first need to know exactly where you stand: how badly do they need you? And how desperately do you need them? Learn first about the two perspectives and, depending on the case, either let the company make the first step towards salary negotiation, or you approach the topic when being certain that your hand holds the winning cards.
As in any other type of negotiation, you cannot just rush into making assumptions. Your requirements have to be backed up by solid pieces of information regarding the salary benchmarking. And there are three levels you should be concerned with: industry level, company level, and function level. Retrieving exact data on salary ranges customized for the Head of HR, in company X, which deals with the distribution of software, for example, is going to be quite impossible. But you could still get a rough idea. Even if some companies choose not to reveal the numbers, tools like the Experteer Salary Benchmark give you a clear-cut overview of your market value.
Are you aiming at earning $100,000 per year? What is crucial is that your goal is sustained by solid arguments! So put forward the facts: proven track of successful deals you made, leadership skills you developed, profit figures you boosted, or anything that demonstrates you’re executive material. The employer must develop a full sense of your value, and eventually acknowledge that you are an indispensable asset to the company.
Contrary to the common belief, being successful in a negotiation round has nothing to do with playing tough. Salary negotiation is not a war between conflicting parties. It is a discussion marked by professionalism and respect, where the parties work together towards finding the optimal solution. You should adopt the soft-sell approach and smile whenever possible. A thorough understanding of what is important to your potential employer and what meets those needs gives you a definite advantage. Find out what is culturally appropriate and what is frowned upon in the organization. Moreover, you get an upper-hand by becoming familiar with the company’s compensation framework before the negotiation round starts. You too have to grasp the value of the position you applied for in order to play a fair game.
Now that you have prepared so hard for negotiating your executive package, try to imagine for a moment that you sit on the other side of the table. Would you hire yourself based on these salary requirements? Do they really match your potential as a candidate and the profile of the industry/company/position? A realistic view is important: on the one hand, asking too much for too little is hazardous; on the other hand, asking too little for too much is a pity.